The COT improved even more. Commercial combined positions (futures/options) are now net long. Comparatively, as a whole, these numbers are more bullish than they were in November/December 2015. But as we are learning, that doesn’t guarantee a bottom. Nevertheless, the COT numbers are excellent, and at some point, will lead to higher gold prices.
- Commercial hedgers in gold went from net short 25,609 contracts to 7,350.
- Commercials combined (futures/options) went from net short 8,235 to net long 11,573 contracts. Their combined numbers never reached net long status at the 2015 bottom.
- Large Specs. went from net long 12,921 to net short 3,688. Their first net short position since 2002 if I’m not mistaken.
- Large Specs. combined (futures/options) went from net short -6,995 to -25,349 contracts.
- Managed money reached a record net short position of -66,116 contracts last week. They added even more…now sitting at -83,324.
Below are the best COT setups since 2001. Compare the numbers; I believe they are in golds favor. Speculators are net short for the first time since 2002. The commercials combined holdings (futures/options) is now net long 11,573 contracts. Note however that the late July 2015 numbers were followed by lower gold prices and even better number 3-months later.
